By Dave Sebastian
Toronto-Dominion Bank said its profit for the latest quarter rose along with revenue, though profit in its U.S. retail segment fell.
The Toronto bank Thursday posted a profit of 5.14 billion Canadian dollars ($3.98 billion) for the fiscal fourth quarter, or C$2.80 a share, compared with C$2.86 billion, or C$1.54 a share, in the year-ago period.
Adjusted earnings were C$1.60 a share. Analysts polled by FactSet were looking for C$1.27.
Provision for credit losses was C$917 million, up from C$891 million in the same period last year.
Revenue rose to C$11.84 billion from C$10.34 billion. Analysts were expecting C$9.48 billion.
Profit in the Canadian retail segment rose 3% to C$1.8 billion due to lower provision for credit losses and lower insurance claims, though revenue fell 2% due to lower margins.
Profit in its U.S. retail segment fell 27% to $658 million. TD Ameritrade contributed $255 million in earnings to the U.S. retail segment, TD said, up 16% and reflecting higher trading volumes and lower operating expenses. The U.S. retail bank, excluding the bank's investment in TD Ameritrade, contributed $403 million, down 41% from the year-ago period due to higher provision for credit losses and lower revenue.
Wholesale banking profit rose C$326 million to C$486 million due to higher revenue, lower noninterest expenses and lower provision for credit losses.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
12-03-20 0721ET